Press Release: February 21, 2020
New York, NY, February 21, 2020 -- UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the "Company" or "UGE"), a leader in commercial and community solar energy solutions, is pleased to announce five new contracts recently signed for projects in New York, the Philippines, and Ontario.
In New York, UGE and Wildflower signed an agreement for a 100 kW system on the roof of a storage facility in Holbrook, NY as the latest addition to the existing relationship between the companies. The success of previous projects together has led to further development opportunities, in which UGE enables new and existing buildings to earn additional revenue while complying with the Climate Mobilization Act. In this Act, Local Law 94 requires all new construction in NYC to adopt prescribed sustainability measures, which the Company believes are best fulfilled through the installation of rooftop solar energy systems.
In the Philippines, the Cebu Institute of Technology (CIT-U) signed a Memorandum of Understanding with UGE Philippines to officially commence contracting for a 97 kW solar energy system for their high school building in Cebu City. Aside from the financial savings, this milestone solidifies CIT-U's leadership in implementing clean energy technologies for academic institutions. UGE's CEO, Nick Blitterswyk, and CIT-U's President, Engr. Bernard Nicolas Villamor led the ribbon cutting ceremony at the CIT-U Library Activity Center on February 13th.
UGE Philippines also signed a contract with Lite Properties Inc. for a 200 kW project. The solar system is sized to offset the electrical load of Lite Port Center, eliminating their exposure to the high electricity rates on Bohol Island. The UGE team, together with Lite Shipping Group President and CEO Lucio Lim, Jr., signed the agreement at the group's headquarters.
With all three above clients, UGE is actively evaluating additional buildings to add to its 2020 project schedule.
Finally, UGE Consulting Services has signed an agreement to complete the engineering scope of work for a rooftop system in Ontario, which will increase the existing system's capacity from 218kW to 350kW. This will be UGE's first project with Wattsavers and its first "repower" project in Ontario, a market it expects to see grow in the upcoming quarters. UGE Consulting Services also signed an agreement the prior week to complete the engineering of a commercial solar project for a large commercial-scale developer in the southwest USA.
The above projects are all expected to be completed in 2020 with margins in line with the Company's stated goals for each business unit, as outlined in UGE's most recent investor presentation available on its website. UGE will finance the CIT-U and Lite Properties projects, while the building owner will self-finance the Holbrook system.
About UGE International Ltd:
UGE delivers immediate savings to businesses through the low cost of solar energy. We help commercial and industrial clients become more competitive by providing low cost distributed renewable energy solutions at no upfront cost and maximum long-term benefit. With over 380 MW of global experience, we work daily to power a more sustainable world. Visit us at www.ugei.com.
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